External Reserves Climb to $51bn, Gain $13.3bn in One Year

Nigeria's gross external reserves have crossed the significant milestone of $51 billion, marking a substantial gain of $13.3 billion over the last 12 months. Official data from the Central Bank of Nigeria (CBN) reveals that the reserves stood at $51.04 billion as of June 18, 2026. This figure represents a robust year-on-year increase of 35.2 percent, climbing from $37.74 billion recorded on the same date in 2025. The upward trend has been consistent, with reserves gaining approximately $2.72 billion in the past six weeks alone, pushing past the $51 billion threshold. This latest surge follows reports that Nigeria's reserves had reached their highest level in 17 years, underscoring a sustained accumulation cycle. A review of the past year shows a steady climb, with significant acceleration noted from July 2025 onwards. Reserves crossed the $39 billion mark in July 2025, surpassed $41 billion in August, and continued to expand through September, October, November, and December 2025. The pace of accumulation remained strong into early 2026, with reserves rising from $45.57 billion in January to a remarkable $49.69 billion by the end of February, a gain of over $3 billion in a single month. March 2026 saw reserves briefly exceed $50 billion. While April experienced a slight correction, May witnessed renewed growth, paving the way for the June breakthrough. This strengthening external position and growing confidence in Nigeria's foreign exchange market are key drivers behind this impressive accumulation of reserves.

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Nigeria’s gross external reserves have crossed the $51 billion mark gaining $13.3 billion over the past 12 months due to the country’s strengthening external position and growing confidence in its foreign exchange market.